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Lowe Fund Buys 138,000-SF Office Building

DENVER-The low-rise building within the Inverness Business Park southeast of the city is 86% leased to national tenants including Computer Associates, Centex Homes and New Horizons.

By Brian K. Miller | Updated on September 18, 2006

DENVER-Lowe Enterprises Investors of Los Angeles has acquired a 138,000-sf office building in the Inverness Business Park for $19.2 million on behalf of Lowe Enterprises Real Estate Income and Growth Partners. The $201-million, value-added investment fund targets commercial and multifamily investments nationwide.

The four-story office building is located immediately west of I-25 at 10333 E. Dry Creek Rd. The building is 86% leased to national tenants including Computer Associates, Centex Homes and New Horizons. The building was acquired from US Property Fund GmbH & Co. KG., which was represented by Brad Cohen, Kevin McKinnon and David Shapiro of Transwestern Commercial Services.

Lowe Enterprises Investors managing director Brad Howe says he is well acquainted with the market and the building and plans to acquire additional assets. Lowe’s hotel management subsidiary, Destination Hotels & Resorts, is among the tenants in the building just acquired and, earlier this year, Lowe acquired a 160,000-sf, eight-story office tower located at 198 Inverness Dr. West, immediately adjacent to the Inverness Hotel and Conference Center that the company purchased in 1995 and continues to manage through its affiliate, Destination Hotels & Resorts.

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